Based on elements already in our possession, the conditions are satisfied for the Authority to decide the temporary suspension of the commercial activity, according to art 27 comma 3 of the Comsuner’s Protection code (Decree 206 of sep 6th 2005).

Essentially, what they say is “give us all these documents, but even without them we are confident enough to say that you have to stop selling Onecoin, because at first glance is seems a deceitful Ponzi.

Some random affiliate leasing an office is not any sort of official presence. By that token, Herbalife have bazillion offices around the country with their “diet clubs”. Except these clubs are not even allowed to use the Herbalife logo.

The more affiliates go blatant, the faster they fall, due to the extra attention they attract. Ever notice that the guys who really talk about the hotness of the opportunity, i.e. those speakers at those “seminars”, don’t open offices? No, they have their minions open offices and spending money. They sit back and enjoy the commissions.

Transfers of Onecoins from an “upline IMA” to a Downline IMA are executed within minutes, but the transactions are not visible in the “Blockchain”. Hence the Blockchain is incomplete, worthless and unusable by definition.

Similar findings have already been reported by other readers of this website.

The next articles will cover the transfer of Onecoins from the onelife.eu backend to the xcoinx.com exchange and the execution of a Sell order of Onecoins on the exchange.

again the article is misleading , no criminal charges where filled ….this is false ..please have some ethic !!!!! a formal notice was sent to a person, that’s it , nothing more, now lets see what happens next over there……

This is the new message being shared on WhatsApp, etc., throughout the Islamic Community and elsewhere:

“What is the ruling on OneCoin? Is it permissible?”

This detailed research paper attempts to determine whether it is permissible to participate in the OneCoin scheme by investigating:

– what OneCoin is
– whether OneCoin is a reputable and credible organisation or not
– the history of the founders and leaders
– the legal status of OneCoin
– its portrayal in the media
– how payments work
– whether the economic claims are valid
– the value of the educational packages
– if OneCoin is an actual cryptocurrency or not
– what the experts say regarding OneCoin

followed by a summary of the findings and, thereafter, the Islamic ruling.

@Oz – Correct. Of course! BUT, for the OneCULTists who are no longer permitted to follow us “PPP’s” and “PCP’s” it is a one-stop-shop of devastating line-by-line, bullet-after-bullet, 3rd Party FLYING-PILEDRIVER-HAMMERFIST-SUPLEX-MANEUVARS-FROM-THE-TOP-ROPE.

Not put together by the normal “haters” (ie., not by the so-called “Bitcoin Loyalists” such as myself and 99.9999% [AGC pun} of the rest of the cryptocurrency industry who are “threatened” by Onecoin; nor by the co-called “penny-chasing-parasite bloggers,” like you, Ari Widell, Truffacoin, Ethan V., whatever, etc., who only do what you do to ‘seek out, chase down and destroy success stories’).

This Research Paper would not have been possible without you, the reader/ commenters here, and many many others. Obviously.

My point is that THIS is now the single most comprehensive and consolidated piece of material (to my knowledge) which covers ALMOST EVERYTHING from start to finish – at least to date.

i mean how will they act upon this. stop promoting? close accounts? remit their money back to Ruja? and so on.. How and will they really?

None yet, but I will carpet bomb tonight on FB. I received this only moments before posting it here. I really hope it goes viral. I don’t see how Labile or anyone else can possibly spin this one, as a whole (though I’d be surprised if they didn’t try).

We do know that Onecoin has been promoted heavily in the Muslim community over the past 6 months, with a pseudo-Sharia Compliance granted (this was specifically for “Coin[un]Safe” only), The Islamic Channel coverage, semi-celebrity Yusef Chambers promoting, as well as the many new Diamonds and Rubies we’ve seen from Pakistan and thereabouts with dubious “Dr.” Titles in their names.

From my personal interactions with Onecoinists at all levels, I’d say the majority are victims. Maybe 90-95%. Although the higher up the pecking order you go, the less likely they are to not be scamming, of course.

Nevertheless, there are many recently defecting and who have stopped promoting something they don’t believe in. Any frequent reader of Oz’ blog knows more than 95% about the company than OC’ers. Most victims are already groomed to distrust such responsible and credible sources anyway, so would go here only as a last resort; unfortunately.

So, if I understand how MLM works by now, I will (“we can”) use the “pyramid of information dispersal” to instill the appropriate FUD which is warranted, and people, by nature, will want (I assume) to be the first to spread it like wildfire; particularly if they were on the fence, to start an uprising!

(okay, I’m waaaay too optimistic, but this is a mission I [we] can adopt)

There is not much mincing of words in this Research Paper. Look at the powerful verbiage asserted for the CONCLUSION (Summary) of each subject/ category:

I. “Conclusion: from the above, it is clear that there is a pattern of misinformation and deception from the company to give itself an air of respectability and credibility. There is also evidence of behaviour not expected of a reputable company.

True respectability is earned by building a good reputation, especially from​ independent sources, not by paying for ads in magazines/events.”

II. “Conclusion: the history of the founders/leaders is extremely concerning. While a criminal past is not necessarily indicative of future behaviour, yet when the latest scheme is based off a previous scam, we can only conclude that this is more of the same.”

III. “Conclusion: the sheer number of investigations and warnings for fraudulent activities across so many countries is huge cause for concern. Many investigations are ongoing while some have already reached the conclusion that it is a pyramid scheme.”

IV. “Conclusion: there are many negative articles in the media across numerous countries which is not a good sign. One or two articles could be forgiven for being isolated examples of bad behaviour by staff, but when all the articles paint the entire OneCoin scheme in a negative light, it does not bode well for the legitimacy of OneCoin.”

V. “Conclusion: the large number of bank closures in a short period of time without notice strongly suggests falling foul of money laundering regulations. Additionally, the use of multiple shell companies to avoid detection is seriously problematic. Furthermore, the complete shut down of all bank accounts and paying distributors/ recruiters directly for packages should set alarm bells ringing.”

VI. “Conclusion: the economic claims do not reflect reality. In the tablet example, OneCoins are valued far below the “official” value. Increasing supply and flooding the market with coins should cause hyperinflation and drastically reduce the value. To maintain the value defies all known economic rules, therefore the alleged value of OneCoin is not based on supply and demand and is not real.

VII. “Conclusion: the heavily overpriced educational packages are not worth the price and seem to be included to avoid legislation. This means recruits are being misled about the value of the product.”

VIII. “Conclusion: there’s no blockchain. Without a blockchain, there’s no cryptocurrency”

IX. “Conclusion: it is not possible to find a single, reputable, independent expert in cryptocurrency who endorses and is willing to testify on behalf of OneCoin. On the other hand, experts(who have heard of OneCoin) are unanimous in declaring it as a Ponzi/ pyramid scheme and not a cryptocurrency. This is significant as it conclusively proves that OneCoin is a fraudulent scheme.
​

Summary of findings:
The above research has demonstrated an ​astonishing level of fraud and deception, broken promises, hidden lies, the founders’/ leaders’ bad history, bad behaviour, incompetence, economic untruths and evidence that OneCoin is NOT a real cryptocurrency​.

I guess, they will make some “statement”, that everything and everyone is against them, which makes they stronger etc., just to make foolish people be more foolish and more confident about OneCoin.

Some ppl are really brainwashed… Its pretty hard to investigate this kind of ponzi/pyramid “company”. It just needs some time and I am starting to think about, that this “company” is slowly sinking (I really pray for that…).

it will be interesting to see the response of recruiters like labine, boughey, zafar etc to this document.

Yes, it’s interesting to see how Boughey, Labile etc. explain that now even several Islamic scholars with their own names are against OneCoin and release so far the most extensive summary of the scam. Not bloggers, not “pictureless profile pricks”, not bitcoiners.

Also the amount of reference links is huge. I don’t believe Ken Labile will be doing a video going through this document, because it will just draw more of his victims’ attention to it. And even with Labile’s lying and bullshitting skills, I think he doesn’t want victims to read the document. There is just too much information with links.

An excellent summary and cumulative layout of the garbage OC has spewed, so a good tool for using with people on the fence.

In reality, it may not change much.

Most people will look for evidence which supports their own opinions and whichever way they are already leaning.

As for how OC supporters will spin this, a lot of the wording is very similar to the wording you frightened bitcoiners use in all anti-OC stuff. 😉

So you have some buddies high enough on the Islamic food chain to have a paper like this created and released just like OC was able to have CoinSafe deemed Sharia compliant by a group in the same type of position.

At the very least, that’s probably how a good portion of the non-Islamic community will view it or be convinced to view it.

People are people, no matter what religion. Some are greedy and will believe whatever they need to believe to justify their actions.

1 Transaction for 1,986,580,000.00 “mined” coins, including the coin doubling in all accounts, very “credible”, isn’t it?

I needed this for my analysis of the Blockchain and Transaction data. I used a Firefix plugin (Selenium IDE) which is a tool for automated testing, to automatically browse through the complete blockchain via the PREVIOUS BLOCK hyperlink. This process took about two days, several restarts were necessary, but overall it went OK.

What is even more credible is that apparently every block in the blockchain gets rewritten when the mining difficulty changes.

Or how do you explain it that the “guh-nee-sis” block has difficulty factor 79 – the one which was set just week ago? 😉

If we assume the data shown in web page reflects to the actual blockchain (shall it exist), we have to accept the fact the entire blockchain can be modified afterwards which means that the blockchain is by definition not a valid blockchain.

I would add that observation into the list of reasons why the blockchain is not valid and most likely does not even exist.

tommy: I dont know if the OC thing is a scam but what I do know is the OC thing poorly planned and executed. Im still not joining the OC thing. But if it survives all the crap against it, Ill buy the cryptocurrency for engagement in commerce.

If you still don’t know, read this summary and go through the reference links.

…But if it survives all the crap against it, Ill buy the cryptocurrency for engagement in commerce.

Even if OneCoin were a real cryptocurrency, which it isn’t, why would ANYONE use it?

With the alleged KYC built into any transaction it would give the company the ability to both track and know all of your purchases and financial activities.

Didn’t the whole Edward Snowden exposure of the NSA spying techniques on its citizens and citizens around the world teach us anything about government overreach and the whole “Big Brother” mentality? (Not to mention the fact that you’re offering up personal identifying information [KYC] to shady characters who are documented to have lied, been deceptive, and been involved in other known and proven ponzi/ pyramid scandals many times in the past?).

What do you think scammers are going to do with that personal information? How do you think they are “securely storing it?”

Cryptocurrency is supposed to be “digital cash” and a way to exchange value LIKE CASH.

For such a COMPANY (unlicensed and un regulated) to know that you went to the liquor store at midnight last night and bought cigarettes, a bottle of Jack Daniels, condoms and lottery tickets with your alleged digital currency should not be the type of PRIVACY INFORMATION you allow companies (or anyone else) to collect – if you value your own privacy and freedoms.

tommy:
Im still not joining the OC thing. But if it survives all the crap against it, Ill buy the cryptocurrency for engagement in commerce.

Let’s (for the sake of argument) assume for a moment that OneCoin is not a fraud (which it is) and go to that imaginary future where OneCoin goes public in 2018 and you – as a merchant – are hopping in:

I don’t know what is your area of commerce so I’ll use an ice cream booth as an example to have things stay simple enough.

-A customer steps in and buys ice cream for a bunch people, totaling to 25€ (the “projected coin value” for end of 2017). You have now 1 OneCoin.

-After good day of sales you’re having 40 OneCoins, that is a “value” of 1000€.

-Now you need to restock, so you go to buy some more ice cream. Oops, they don’t accept OneCoin.

-No matter, just like with BitCoin you plan to just sell your OneCoins for euros.

(I’m now assuming ALL past failed promises have materialized – which they do far haven’t – and you will be able to sell coins in an open exchange without silly daily limits.)

-You try to sell your coins for 25€ each. Nobody buys them because OneLife sells “educational packages” where you get coins for 1€/coin.

Will you:

a) Make loss of 96% every time you sell ice cream?

b) Change your prices so that OneCoin has value of 1€ (thus crashing the value of coin)?

Is it not true that if the OC xcoinx thing does not have a market with asks and bids high, low volatility and spreads xcoinx OC exchanging would expire? Maybe OC too young, too earlier for a liquid market, yeah?

I thhink the narrative here is that Onecoin members have about 16 months time to “mine” with ridiculously big profits.

After that profits like that are not possible anymore, at least that what Kari implies, because OneCoin will be “made public”. So you have to “join and buy now!!!”.

With the current speed OneCoins are appearing in their database, 120 billion coins will be reached in spring 2021.

If OneCoin was a real cryptocurrency (which it obviously is not), the publishing would have devastating effect, because then the value would be defined by open market.

After 16 months, the internal market-cap will be minimum of 320 billion euros (it is about 50 billion euros now, and increasing about 200 billion euros per year with the current 7,85€ coin price).

Though with the definitive internal coin price increase which Ruja makes, I expect the internal market-cap to be close to half a trillion euros after 16 months if OneCoin makes that far before the collapse.

Even a monkey should understand what would happen if they go with this kind of internal value to the open markets where there’s no sell limits..

tommy:
Thats what is true todays with my bitcoin- I started mining BTC because I getting 11 BTC month instead buying 11 BTC off market.

Let’s be clear that is nothing like Bitcoin.

With Bitcoin there isn’t (and never has been) a way to toss 118 000 euros to mining equipment and have 18 000 000 euros worth of Bitcoins the very next week. But with OneCoin this has already happened with the “ultimate trader” package (and apparently with the even more expensive “supreme” package).

That is not same as gaining Bitcoins by mining, it is very direct purchase of coins from OneCoin Ltd.

My bad, I didn’t go back and check the numbers I remembered from the past. You’re right that 14M€ gaining 12% annual interest for 2 years is 17.6M€ (apparently the 18M€ I remembered) but then it’s not available until 2 years later, not overnight.

My point stands:

Mining of Bitcoins could be considered as a compensation for providing real world resources (i.e. machine power and electricity) to the proof-of-work, paid by the Bitcoin community.

There is nothing comparable in OneCoin. The “investors” provide real world cash and get fixed-value coins (i.e. Ponzi points) in return.

Part three of my systematic analysis of the Onecoin “Blockchain” has just been published.

The subject is the transfer of Onecoins from the Account in the OneLife backend to the account on the Xcoinx platform. It problably doesn’t come as a surprise that none of the Transactions is visible in the “Blockchain explorer”.

It’s pretty clever. OneCoin puts some press-release to a service which spreads press-releaes & company announcement, like this CNW newswire. A newspaper like Edmonton Journal shows the CNW content, so it ends up in this newspaper.

Then OneCoin scammers like Labile have easy job to hype a OneCoin “article” in this newspaper -> Idiot onecoin members are in ecstasy that OneCoin was mentioned in a real newspaper, for once not in negative light.

I think also Edmonton Journal should be contacted directly about what kind of content they are serving. They may remove it faster, than going through the Competition Bureau route, though it may be good to let the newspaper know that the Competition Bureau has been notified as well.

And of course provide the Edmonton Journal enough information about the scam, for example in the form of this new research paper by M. Suhail Patel. Hell, maybe the newspaper would make even a story about OneCoin scam, that would be perfect. 😀

The new Onelife.eu backend has a great new functionality. Now all Blocks contain hyperlinks to the Transactions. This is the only Transaction of the Genesis block. 1,986,580,000 ONE went to 1 “address”, probably Dr Ruja’s 😉

An average bitcoin block is capped at 1 MB in size and includes some 2000ish transactions. So just to establish the opening credits for 2 million accounts, your block would have to be 1 GB in size (without KYC, of course).

Otto:
Apparently they claim to have at least 91585 virtual servers running in those three data centers that are supposed to do the mining of OneCoin.

Correct, and because of the enormous growth of the network, they add a new virtual server to their Data Center each minute. The number of Confirmations is exactly identical to the number of Blocks mined since the genesis block.

Because you know, that’s how a ultramodern centralized blockchain works: the more Confirmations, the safer the system! 😉